
International Monetary Fund
economy in 2017 was nominally worth US$2.454 trillion; it is the
sixth-largest economy by market exchange rates, and is, at US$9.489
trillion, the third-largest by
its average annual GDP growth rate of 5.8% over the past two
decades, and reaching 6.1% during 2011–12,
world's fastest-growing economies
However, the country ranks
Until 1991, all Indian governments followed
policies that were influenced by socialist economics.
state intervention and regulation
economy off from the outside world. An acute
then it has slowly moved towards a free-market system
emphasising both foreign trade and direct investment inflows.
India has been a member of
up 55.6% of GDP, the industrial sector 26.3% and the agricultural sector 18.1%. India's foreign exchange remittances
of US$70 billion in 2014, the largest in the world, contributed to its economy by 25 million Indians working in
Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, and
Major industries include textiles, telecommunications, chemicals, pharmaceuticals, biotechnology,
food processing, steel, transport equipment, cement, mining, petroleum, machinery, and software.
share of external trade in India's GDP stood at 24%, up from 6% in 1985.
In 2008, India's share of world trade
In 2011, India was the world's
nineteenth-largest exporter
exports include petroleum products, textile goods, jewellery, software, engineering goods, chemicals, and leather
Major imports include crude oil, machinery, gems, fertiliser, and chemicals.
and 2011, the contribution of petrochemical and engineering goods to total exports grew from 14% to 42%.
India was the second largest textile exporter after China in the world in the calendar year 2013.
Averaging an economic growth rate of 7.5% for several years prior to 2007,
India has more than doubled its
hourly wage rates during the first decade of the 21st century.
Some 431 million Indians have left poverty since
1985; India's middle classes are projected to number around 580 million by 2030.
, India ranks 17th in financial market sophistication, 24th in the banking sector, 44th in business
sophistication, and 39th in innovation, ahead of several advanced economies, as of 2010
top 15 information technology outsourcing companies based in India, the country is viewed as the second-most
favourable outsourcing destination after the United States, as of 2009
India's consumer market, the world's
, is expected to become fifth-largest by 2030.
However, hardly 2% of Indians pay
Driven by growth, India's nominal
has steadily increased from US$329 in 1991, when economic
liberalisation began, to US$1,265 in 2010, to an estimated US$1,723 in 2016, and is expected to grow to US$2,358
however, it has remained lower than those of other Asian developing countries such as Indonesia,
is a major industry in its
coastal states, employing over
14 million people. The annual
catch doubled between 1990
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